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Singapore Objectives ‘Provide a solution to capture and monitor schedules and bordereaux in Singapore so that credit control can be performed and reported on at the detailed schedule / declaration level’ Remembering that:  Items need to comply with control framework  Items need to be able to be reported to local regulators (MAS) and Lloyd’s  Reporting to Service Company / Managing Agent needs to be detailed enough for them to upload at a detailed level if required –or summarised for single cover level updates  Both premium and cash items need to be processed  Need to start with the history so that all credit control can be provided and analysis of cover performance can be complete Six months designing the processes and solution and checked fit for purpose

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Challenges / Surprises Challenge: Data Format, content and quality Brokers / cover holders have several Insurers with different data demands they have existing systems with restrictions so can’t quickly / easily change  Solution needs to have capability to receive and process different formats Communicate what data is required and why (+ tax and regulatory reporting) communicate what will reduce queries on processing / cash matching  Brokers advised that they are interested in reducing queries and rework  Communicate what is currently good quality as well as any issues Surprise: hard copies sent & non standard paper size – wide as the bordereaux!

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Challenge: Concentrate on fields that affect Tax/Regulatory/Performance Reporting - Check on values provided to ensure not only valid but sensible for the business being written. Concentrate on changing details that make a difference – risk based approach to change Check what is reported is within the terms / as expected - Understand cover/ binder and ensure business written adheres to the rules Surprise: Singapore writes business globally – lots of tax codes to understand Challenges / Surprises

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Challenge: errors - check slip when written, pre cash received  Check at written stage to identify issues with data presentation / quality - do not wait until end of month / Audit to correct poor practices Check on servicing some brokers appreciate regular contact to remind of due items not just chase on overdue  Pro active communications to share with coverholders / brokers what is expected at contract outset and then provide broker statements / account updates support as required Challenges / Surprises Surprise: many versions of the truth – multiple copies / versions / endorsements